Basically I’m asking is there a point where having more lines of credit hurts an individual? I’m currently at no balance on any of my cards (1 credit and 2 store) and have no loans right now but a I’m planning on applying for a car loan shortly which is why I’m concerned. I’ve got money budgeted for the holidays and the down payment set aside with a strong emergency funds and currently rest at no debt. I’m 22 and also have rent, utilities, and no student debt. I was planning on applying and using some store cards as they offer perks on a few larger purchases I need to make which I have the money saved for and will pay off right away. Will this hurt me on my chances of securing the car loan or negatively impact it in any manner? Also on the flip side would this possibly lead to a further positive impact allowing me to build more credit/increase my credit score?
Submitted November 20, 2018 at 08:05AM by Strongdog71 https://ift.tt/2Khnyx0
